Crypto Price Today: Crypto Price Today: Bitcoin Breached $17K; Dogecoin, Solana and Shiba Inu drop up to 9%

New Delhi: Cryptocurrency markets remained under pressure over the weekend as inflation numbers soared, dashing hopes of a less aggressive US Federal Reserve.

Bitcoin dropped below the $17,000 levels, while Ethereum traded below the $1,250 level. Adding to trader issues, liquidity in the cryptocurrency market has remained low, signaling lower liquidity for digital assets.

Excluding US dollar-pegged stablecoins, all other major crypto tokens traded lower on Monday. Dogecoin is down around 9%, while XRP, Solana, Shiba Inu, Polkadot and Polygon are down 4% each.

The global cryptocurrency market capitalization traded higher by around $840 billion, down as much as 2% in the past 24 hours. Total trading volume increased by more than 23% to $29.23 billion.


What’s cooking in India
India, the intergovernmental forum of some of the world’s largest economies, just like much of the world is questioning whether stricter regulation of the sector is needed.

India has at times sought to ban and severely limit the use of cryptocurrencies within its borders, and as of December 1, it assumed the chairmanship of the Group of 20.

Global Updates
The Lightning Network, Bitcoin’s layer 2 scaling platform, has a privacy concern. Receiving payments, requesting refunds, and opening and closing payment channels raise privacy concerns for payment network users.

The Uniswap Foundation is putting a series of governance changes to a vote that it says would streamline voting in the autonomous decentralized organization that runs Uniswap, one of the most popular venues for decentralized cryptocurrency trading.

Grayscale Investments, manager of the world’s largest publicly traded bitcoin fund, said a new decentralized finance (DeFi) fund has begun trading over-the-counter markets.

Crypto.com released backup test data from auditing firm Mazars Group which proved that its clients’ assets are fully backed up one-to-one.

Technical view of Proassetz Exchange
Bitcoin is still in a range bounded area with a strong support level at $16,000, $15,000 and $12,600. Any breakout above $18,000 can push the price to $19,000. Overall, it is still within an area bounded by a trading range between its support zone and the $15,000 and $18,000 resistance zone, the expert said.

Chart-BTC (2) (1).ETMarkets.com

(Opinions and recommendations provided in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset or assets mentioned.)

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